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Abnormal but not unprecedented GBP/JPY move

GBP/JPY ADX(14) has just crossed above the key level 50, emerging from the low 30 levels in the previous session.

This event is abnormal but not unprecedented. It sets a scene from a positioning perspective where there is a big imbalance in the supply/demand equation, causing price to quickly search a new value zone.

While speeding up, it leaves behind unfilled sell orders which may cause prices to give back part of the impulsive move. The 200-SMA, now printing above the recent close, could be tested on an upside reaction.

Key events; eyes on China - Westpac

Sean Callow, analyst at Westpac Banking Corporation noted that Tokyo enjoys its third holiday of the week, today joined by much of the Middle East for Yom Kippur and Eid Al-adha but non-Japan Asian markets are all listed as open but offered key events ahead.
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